S&P rallies the most in more than a year

Source: Dukascopy Bank SA
© scanpix/reuters
U.S. equities surged after lawmakers passed a budget bill averting automatic spending cuts and tax increases. The S&P index rallied 2.5% to 1,462.42, the biggest gain in one year. All 10 groups in the benchmark index edged at least 1.8% higher. The S&P jumped 1.7% on December 31, showing the biggest gain in the last day of year since 1974. In addition, the gauge has gained 13% in 2012. The U.S. Steel Corporation added 8.6% to $25.89, after Credit Suisse Group AG upgraded the company's shares, adding gains to basic materials sector that rose 2.23%. Furthermore, the shares of Lam Research edged 7.2% higher as DA Davidson issued a buy rating and a price target on the stock of $56.00. The latter paced gains in technology sector that added 3.1%, the second best-performing group in the index. Alexion Pharmaceuticals had the third largest percentage gain of 6.7% triggering a slight increase in the health care sector that was the worst performing on January 2 with a 1.8% increase. Alongside to that, Consol Energy and Peabody Energy stocks had the weakest results with their shares declining 3.4% and 2.9%, worsening the performance of energy sector. Metropcs Communications fell 2.4%, halting a further rally in the best performing telecommunications sector that jumped 3.18%.
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